I mean this is FRAUD. You pay him to invest in a property in Alberta and he turns around and spends the money in PANAMA! What is worse is he doesn't even mention that in any previous document, nor does he provide any financial statements, proformas, or any document even proving that the company is even in possession of these Panamanian Assets!

On January 19, 2012, Legacy, ACE & Airdrie, applied an extension of the existing protection period under the CCAA to April 17, 2012, to enable more time to complete the business plan for restructuring. In addition, the Companies applied for an additional interim DIP facility to provide funding for the Companies over the course of the next several months. Justice Romaine, of the Court of Queen’s Bench, accepted the Companies’ application for an extension and approved the funding of the interim DIP facility.

Claudia wrote:

Does anybody out there know much about Foundation Capital Corp; that sells Harvest investment projects?They do what is called real estate syndication, or, at least that is what they say.I hear they are going to Court for CCAA get moreprotection on their Legacy project.I also know that Ron Aitkens has admitted to taking the money, that was suppose to be used for the project and has spent it overseas in some place in Panama!see his page 6 of the affidavit:http://documentcentre.eycan.com/eycm_library/...I mean this is FRAUD. You pay him to invest in a property in Alberta and he turns around and spends the money in PANAMA! What is worse is he doesn't even mention that in any previous document, nor does he provide any financial statements, proformas, or any document even proving that the company is even in possession of these Panamanian Assets!The man is a scam artist and he needs to go to JAIL!

Are you even an investor? or are you someone working for Harvest? Because if you are someone working for harvest you should be a bit more creative then just putting some lame boilerplate response. I hope you are not being paid for this as harvest should put their money into something else, like payments to investors!

---Claudia1975

Harvest Investors Group wrote:

On January 19, 2012, Legacy, ACE & Airdrie, applied an extension of the existing protection period under the CCAA to April 17, 2012, to enable more time to complete the business plan for restructuring. In addition, the Companies applied for an additional interim DIP facility to provide funding for the Companies over the course of the next several months. Justice Romaine, of the Court of Queen’s Bench, accepted the Companies’ application for an extension and approved the funding of the interim DIP facility.<quoted text>

Well Harvest Investors Group; you are definitely not part of the unsecured creditors group who actually represent Investors!

Peter--- the other day I could not open my email attachment, so I had to down load the FM update from the harvest website. I did this Friday so I know it works:http://www.theharvestgroup.ca/updates/

-- so I guess they are still in business.

I hate the fact that they have discontinued my payments of FM. But I have heard this sort of thing happen before with these mortgage fund type things in the past. I have heard that usually when these type of companies withhold payments, it is because they are either acquiring more assets, selling existing assets or are structuring themselves for someone (like a larger investment company) to buyout the whole fund and payout the investor. Any one of these 3 possibilities could be potentially good for the investors.--- But I would still play my cards close.

As for loosing their president, that could mean either Craig Burrows or Frank Lonardiely.

You might remember Craig as the guy who pitched some crazy plan called "beyond the bond" back in the fall. From my understanding Beyond the Bond was some plan where they would take all projects and assign them a "fire-sale" value, then blend them all together into one, and somehow from all this investors were magically better off.

Somewhere in this plan Frank and his "as yet to be named" team would be compensated for this by taking like 30% of the company after the fire-sale evaluation period.

I think this plan is so flawed it is not even funny. My understanding is that by giving the investment a fire-sale value, rather than a fair market value the investors get burned!--- then Frank and the boys take 30% from that.

Then 6 months later, Frank commissions an actual fair market evaluation of the lands; and presto! the value has "gone up" dramatically!-- even though nothing really has happened other than all investments being rolled into one. People then see the apparent "increase" in value and suddenly everyone thinks Frank is a genius, that he save their investments... yet they don't think about that little 30% piece they gave up in the beginning that is also now had this apparent "increase".

If Craig Burow is gone; Good riddings to bad rubbish! If it is Frank that is gone, even better!--- and they can take beyond the bond with them...

I just hope that there are no plans to bring it on for the other investments!

I am obviously not happy about what Harvest did before Frank and Craig, but in my opinion Craig and Frank's plan is another scam aimed to further cheat the investors out of pocket when they need it most! Talk about kicking the investors when they are down!

That post may have been from Harvest Group. We are in FM1 and FM2 and Legacy which is the one they posted about. We got the statement in January that matched the post on this forum. Now with all of the administrative changes It's hard to keep track of what's really going on. We did get an email the other day with the restructuring plan for legacy. FM1 and FM2 announcements are supposed to be soon. I'm not really holding out a lot of hope that we will see the money again. I've consulted with my brother who is a finance prof and he says what they are doing now is a legitimate option but to not hold our breath. We'll see. I really hope my instincts are wrong and we start seeing money in the bank

I agree with Peter, Sandy and Claudia. I am also invested into FM2C as well as the Westsrpings Shopping Village. To date, communications with investors have been sketchy at best, interest payments on a bond have been cut from 11% to 3.5%, with not even a guarantee of continued dividends, there has been no distribution on the Westsprings investment for quite some time, and still no announcement of what amounts will be distributed in 2012. What a joke. Not even the Accountant, Karen could answer my questions. She referred me to Rob Pedersen, whom I spoke with last week and referred me to Karen. I guess they like sending you on a wild goose chase because they know they have something to hide.

Future investors, beware of this company. Current investors, I highly recommend getting out when you can. I would be happy to speak with any of the other investors about this as I myself would like to sell my shares.

A letter dated Feb 9 regarding the F2MC investment states that distributions will no longer be paid out. So they went from 11% to 3.5% to 0%. How do I sell this investment as I obviously do not want my money tied up at 0%?I will certainly be reviewing my OM asap to see if there are any statements of 'guarantees' similar to the ones made by Foundation Capital Corporation,Spruce Ridge Estates Inc., Spruce Ridge Capital Inc., Ronald James Aitkens, Beyer Consulting Ltd. and Roy Juergen Beyer in past investments that were deemed illegal by The Alberta Securities Commission (ASC). See http://albertasecurities.com/Enforcement/Enfo... for more information.The fines set forth by the ASC against Ron and his cronies were a slap on the wrist as far as I am concerned.Do your due diligence and research on any investment deal such as this.

Does anybody out there know much about Foundation Capital Corp; that sells Harvest investment projects?They do what is called real estate syndication, or, at least that is what they say.I hear they are going to Court for CCAA get moreprotection on their Legacy project.I also know that Ron Aitkens has admitted to taking the money, that was suppose to be used for the project and has spent it overseas in some place in Panama!see his page 6 of the affidavit:http://documentcentre.eycan.com/eycm_library/...I mean this is FRAUD. You pay him to invest in a property in Alberta and he turns around and spends the money in PANAMA! What is worse is he doesn't even mention that in any previous document, nor does he provide any financial statements, proformas, or any document even proving that the company is even in possession of these Panamanian Assets!The man is a scam artist and he needs to go to JAIL!

I invested in Legacy Communities Inc in 2006. The sales people were from CDS Consulting in Saskatoon. They went out of business December 15, 2011. I was investing in Legacy and Legacy only, so I thought. The sales pitch was that the investment monies would be put in place to build the Legacy community. No where in the presentation did it indicate that the monies could be used else where. No documentation, memoradum, was given to me to indicate that the monies could be used for other projects. I also was told that my LIRA monies could be used to invest in Legacy Communities Inc and that Revenue Canada endorsed it. I have contacted Harvest Group and was told that Ron had the right to invest monies from Legacy Communities Inc in other projects. I have contacted Ernst and Young (auditor or monitor). They are currently putting documents together to show the cash flow from various projects under the Harvest group. Some time in April the report will be made public to the investors. I was told there is no monies in the Legacy Communities Inc account. I asked where all the money went. I was told they currently do not know, but will know by April. I see now that it appears another Harvest Group company is loaning monies to Legacy Community Inc for some unknown fee. I do not like this, sounds fishy. However, to say that Ron Aitkens is a fraudster is wrong. The courts can only say that. No one can say that fraud is going on. One can only say that the business model used, what ever it is, sounds fishy. To call some one a fraudster is open to deformation of character. So watch out.

I am invested in the Rockyview Estates project and I can expect a letter similar to the one that the ACE investors received Dec 23, 2011 as mine is to mature Dec 31, 2012. There is 50 million dollars that has disappeared from ACE/Legacy combined and with no information given on my project, I am afraid of the same fate for my investment as well as my parent's investment in yet another of their projects. There are people heavily invested in these projects, I mean HEAVILY.

Rockyview Estates, Legacy Communities, Mortage Fund ,Mortage Fund 2, FROG WestSprings Shopping Center,etc etc.. If you take a look at the Harvest Groups portfolio of Investments there's barely one that's producing a dividend at this time. My question is when is Ron Aitken going to be held responsible and accountable for what appears to be a complete loss of rough 600 million dollars invested in his firm by hundreds of investors!!

I guess the proceedings around the ACE/Legacy court case will dictate what will happen for investors and to the rest of the projects that are next in line. I see that the Foundation Investors Group website has the discussion link disabled, maybe for repair, maybe for legal reasons. When I joined it, the Discussion board provided some good information. As you said, when will Aitken be held resonsible and as well, I think, Roy Beyer, do some reading about him on Google....slithering.

This is just getting deeper and deeper, there will be a line up of people taking Aitken and Beyer to court over all of this and it will be tied up in proceedings for years and the only winners will be the lawyers and the losers will be the investors that sat through all the "offerrings" and bought into their scheme.

I...sadly .....agree with you Randy...we are in the process of paying off our investment accounts. We got sucked into the using the equity in your house to invest in harvest. Fortunately we did not invest the entire amount. It will hurt but we will get it paid off. I still hold out hope for the UCC that they will be able to get us something but I think there are Going to be so many lawsuits and years in the courts that what may be left over will be pennies on the dollar .

I know Sandy, you used equity, I used my LIRA, my parents used their RRSP, even the salesman who sold me these shares, his family and his mom in her 80s are into them for over 135K, some have invested $500K, my God, if this was the old wild west, there'd be a public hanging and all that would be needed is NEW rope and a STRONG tree. I'm young enough, I might be able to recoup some of the losses, not my parents, they are retired and living on a fixed income in Red Deer. I do hope too that UCC can bring some relief to us all. If the cases go on well past the project's pay out date and if the economy around Airdrie and Calgary begins to pick up and the land stays or becomes valuable again, can it not be sold and, as investors, be paid out if it does sell? Bring Aitken and Beyer to justice, send them to jail to be with those that will really let them know what being "screwed" really feels like, let those that really own the land (the investors) decide what do with it and maybe crawl out of this with something. I don't know, maybe that's what will be decided during the "restructuring".

My wife and I are invested in two porjects--Railside park and Spruceridge. We have been working closely with the Saskatchewan Finance Commision for the last couple of years because of what took place with Alberta Security Commision. It is interesting to note that SFC has been trying to meet with these guys with little success. Also we were told that we should be able to get our money back from these guys. We tried by sending a letter to Roy Beyers and all he did was give us a run around about how the money was being used to advance the projects so we couldn't get it all back but might get a portion of it back. Well in hind sight we should have gone for it. I don't expect to see anything and we can never make up what we have put into these projects as we are in our sixties. Me thinks that there are a couple of skunks on the loose. Maybe we need to find a way to freeze all assets of these guys and everyone of their family members. Hope fully Ernst and Young and/or the Judge will ask for a complete investigation by the RCMP Commercial Crimes Section. Maybe a class action suit is the way to go. We will survive but no way in hell should these guys be walking around with pockets full of our hard earned money!! Our first bonds are due in April---not holding my breath!!!

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